Commercial Property for sale

The Arcade, 122a Fore Street, Exeter, Devon, EX4 3JQ

£325,000

Property Description

Commercial information

  • Business for sale

Key features

  • Freehold investment Opportunity
  • Leased until 30 September 2022
  • Rental income 25,000 (5.6 per sqft)
  • Business not effected- tenants remaining
  • Busy location close to city centre
  • Extensive refurbishment in 2017. Energy Rating D

Full description

Tenure: Freehold

Description

A three-storey character mid terraced property, having been the subject of extensive refurbishment in 2017 and now with stylish surrounds. Currently operating as a wet-led bar and club with a late license until 2:30am.

The current lease has an agreed annual stepped rent mechanic, increasing annually to £30,000 by October 2021.

Location

Located in a busy mixed retail and commercial street, just a short walk from the city’s famous Cathedral and main shopping centre. Exeter is an affluent and highly desirable city which has the benefit of a popular and thriving student population due to its excellent university, and has
convenient road access from the nearby M5 motorway.

Internal Details

• Ground floor bar with games area (30 seats)
• First floor club/function room with DJ booth
and stage
• Basement beer cellar and storage
• 2-bedroom owner’s accommodation
• Basement
• Total internal floor area 413.8 sqm.

Lease details

• Tenancy Status: Experience in the sector. In situ for a year
• Lease Expiry: 30/9/2022
• Right to renew: Yes
• Rent £25,000
• Next rent review: 01/10/2022
• Rent review mechanic: Upwards only to market rent
• Fully repairing and insuring
• Fixed or stepped rental uplifts: Stepped rent due to increase to £26,000 from 01/10/2018; then £27,000 from 01/10/2019; then £28,000 from 01/10/2020; then £30,000 from 01/10/2021.

The Opportunity

The Arcade comes to the market as an individual asset or as part of a portfolio of nine high quality freehold pub investments available individually, as sub groups or as a portfolio.

Offers in excess of £3.8m are sought for the portfolio, representing an attractive net initial yield of 7.7%.

A low maintenance investment with standing tenants in all sites, all of whom are experienced operators with a good track record of meeting their rent obligations. Vacant possession may be available subject to further negotiation.

Low rents per sq ft indicate various opportunities for uplift potential upon Rent Review.

There are further options available to a buyer, such as investing in targeted capital improvements in order to command rental uplifts.

Reduced investment risk due to potential to redevelop assets for alternative use.


Nearest stations

  • Exeter St. Thomas (0.3 mi)
  • Exeter Central (0.4 mi)
  • Exeter St. Davids (0.7 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Christie & Co , London

Whitefriars House 6 Carmelite Street, London, EC4Y 0BS

020 3858 2841 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Floorplans


To view this property or request more details, contact:

Christie & Co , London

Whitefriars House 6 Carmelite Street, London, EC4Y 0BS

020 3858 2841 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Exeter St. Thomas (0.3 mi)
  • Exeter Central (0.4 mi)
  • Exeter St. Davids (0.7 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Christie & Co , London

Whitefriars House 6 Carmelite Street, London, EC4Y 0BS

020 3858 2841 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

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